It started with a message.
“Hey, I just wanted to say thanks. I read your post about your family’s money rules and something in it hit me hard.”
It was a colleague — someone I’d worked with on projects into late nights, fought over deadlines and deliverables, shared coffees with, and chatted about life and family and tech updates. But this time, it wasn’t about any of that.
“I’ve had really poor money habits. I got into a house and land package that I wasn’t ready for, bought a townhouse on impulse, and I’ve racked up over $46,000 in credit card debt. Reading your story made me realise I need to get serious about this stuff. I want to know if it’s too late for me to start investing in index funds. Can I fix this?”
That last question stuck with me.
Can I fix this?
Let me say this clearly, and I said the same to him:
Yes, you can. But it starts with a mindset shift - not an investment. Whatever habits that got you into that 46k credit card debt is still within you - until you get that demon gets out of you - it’s not going to go away.
Financial Habits are not a sprint - it’s a marathon - may be more than that - it’s a lifestyle change and or way of living!
Money is what you spend and value is what you get!
🧱 Start Here: Financial Wellbeing Isn’t a Leap — It’s like climbing the mountain’s peak
We often see investing as the shiny first step. But the truth is, investing comes after the foundations are built. You don’t start climbing the mountain without training and or hard work - and the same goes for money. It needs discipline and foundation.
If you’re wondering where to start, here’s a simple, real-world pathway I’ve seen work time and again:
🔹 Step 1: Get Your Basics Covered
Before index funds, FIRE numbers, or property talk - check your basics:
Do you know what’s coming in and going out each month?
Are your bills paid on time?
Is there a spreadsheet or app helping you track?
Even a simple net worth tracker (like this one I built) can change everything when you see your financial life in one place.
🔹 Step 2: Eliminate High-Interest Consumer Debt
I told him this plainly:
“Paying 19% on a credit card while trying to earn 7% from an index fund is like trying to fill a bucket with a hole in it.”
Credit cards, personal loans, BNPL — they’re fast traps that quietly bleed you. If you’ve got debt:
Pause any idea of investing for now
Consider debt consolidation if possible
Track every dollar, and get aggressive about repayment
This is your emergency mode. No Uber Eats. No tech upgrades. No shame. Just action.
And most importantly - set expectations with your family members who would’ve gotten used to your frivolous spending habits in the past. Sudden stopping to it would essentially mean resentments and failed expectations. Which not only going to cause you pain and agony but also for the loved ones around you thinking what happened to my husband and or what happened to my dad. Be open and be realistic and pragmatic about it.
If a sudden silent treatment and or a frustration gets you to agree - saying okay - you are going to resent your decision in the long run. Be bold, brave - set expectations and fix the problems at the root even before it happens.
🔹 Step 3: Build a Buffer You Can Breathe With
Before you invest, you need emotional and financial space.
Set up an emergency fund — 3 to 6 months of living expenses. Park it in a high-interest savings account or offset account.
Why? Because if you start investing without a buffer, the first time markets crash, you’ll panic and pull your money out - at a loss.
Investing with anxiety is gambling in disguise.
🔹 Step 4: Educate Yourself Before You Invest a Cent
I didn’t give my colleague investment advice. That’s not my job.
What I did do say:
“Don’t rush into index funds just because you saw a chart online or something fancy about it. Learn what they are. Understand your risk tolerance. Know what asset allocation even means.”
Start with books like:
The Barefoot Investor (Australia-specific, great for foundations)
The Psychology of Money by Morgan Housel (how your brain reacts to money)
The richest man in Babylon by George Samuel Clason (saving 10% every month as a habit)
And while you're at it - read blog posts (such as mine), listen to podcasts, ask questions. Your future self will thank you.
🔹 Step 5: Automate & Simplify Once You’re Ready
Once you're out of debt, have a buffer, and understand what you’re doing - then you can start investing.
Start small:
Choose a low-fee platform (like Pearler, SelfWealth, or Vanguard Personal Investor)
Set up an automatic monthly investment into a broad-based ETF
Let it grow. Ignore the noise. Stay the course.
🔢 The Bigger Picture: You’re Not Too Late
If you're reading this and thinking, “That’s me - I’ve made poor choices, and now I don’t know where to start” - I get it.
We’ve all been there.
Mistakes don’t disqualify you. They initiate you. Take that as a stride!
What matters now is what you do next.
Don’t try to run before you can walk.
Don’t buy the ETF or the next shiny investment before you’ve paid off the card.
Don’t chase what someone else is doing without knowing what you actually need.
Start where you are. With what you have. And move one step forward.
🛠️ Take action today:
Write down your total debt and income
Set a monthly money check-in time
Download a free tracker (ask if you need help in filling it out)
Read one finance book in the next 30 days
Ask yourself:
How long does it going to take “for me to pay off my consumer debts”?
What simple change that you’re going to do in your lifestyle?
What conversations that you are going to have with your family / partner / kids about this situation and how you can seek their support & commitment in this journey? Remember - you are not in it alone - you’ve your family in it too.
💬 And if you’re wondering: Can I fix this?
Yes. You can.
Not all at once. But step by step.
And maybe someday, you’ll be the one who inspires someone else to turn it around.
✅ Your Financial Reset Checklist
Inspired by "From Credit Card Chaos to Clarity"
Use this as a monthly check-in or starting point to get your financial life back on track.
🔹 Step 1: Get Your Basics Covered
☐ I know my total monthly income
☐ I know my recurring expenses
☐ I’ve listed all my debts, liabilities, and assets
☐ I use a net worth tracker spreadsheet regularly
🔹 Step 2: Eliminate High-Interest Debt
☐ I’ve identified all credit card and consumer debts
☐ I’ve stopped adding to those debts
☐ I have a plan to aggressively pay them off (e.g. snowball or avalanche)
☐ I understand paying 19% interest to earn 7% isn’t a winning game
🔹 Step 3: Build an Emergency Fund
☐ I’ve started saving at least 1 month of living expenses
☐ My goal is to build 3–6 months of expenses as a buffer
☐ I’ve parked this money in a high-interest savings or offset account
☐ I won’t invest until I’ve built this buffer
🔹 Step 4: Educate Yourself First
☐ I’ve picked 1 personal finance book to read this month
☐ I follow 1–2 finance blogs or podcasts I trust
☐ I understand what index funds, asset allocation, and risk tolerance mean
☐ I’m not rushing to invest just because of FOMO or BBQ conversations
🔹 Step 5: Start Small, Automate, Stay the Course
☐ I’ve chosen a low-fee investing platform (Pearler, SelfWealth, etc.)
☐ I’ve set up a small recurring investment into a broad index fund
☐ I review my portfolio only occasionally - not emotionally
☐ I’m committed to long-term growth, not short-term gains
✍️ Reflection Prompts:
How long does it going to take “for me to pay off my consumer debts”?
Am I spending to impress or to progress? Needs vs Wants
What would financial peace actually feel like in my life?
What simple change that you’re going to do in your lifestyle?
Thank family members who are in this journey together with you!
📌 Print this out. Keep it in your planner. Revisit it every month until these become second nature.
Most importantly:
A Plan without action is just a dream!